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b'My guest this week is Brad Katsuyama, the founder of the IEX exchange and protagonist of Michael Lewis\\u2019s famous book Flash Boys, which chronicled the role of high frequency trading in markets.\\n This conversation was yet another reminder of how complicated markets can be, and that very few participants know all aspects of the process well. Brad and I get deep into the history behind his company, and the ways in which markets and exchanges have evolved, better or worse.\\xa0\\n One of my favorite parts of this conversation was our exploration of entrepreneurship. Brad\\u2019s whole story is one that entrepreneurs will appreciate, and is full of lessons for those aspiring to start their own business.\\n Please enjoy my conversation with Brad Katsuyama\\n \\xa0\\n For more episodes go to InvestorFieldGuide.com/podcast.\\n To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.\\n Follow Patrick on Twitter at @patrick_oshag\\n \\xa0\\n Books Referenced\\n Flash Boys: A Wall Street Revolt\\n \\xa0\\n Show Notes\\n 2:10 \\u2013 (First Question) Brad\\u2019s original discovery of a latency problem in trading stocks\\n 12:51 \\u2013 how the business model of the NASDAQ and exchanges and how it may surprise people\\xa0\\n 14:16 \\u2013 The edge that exchanges are now monetizing\\xa0\\n 16:46 \\u2013 How Brad went from finding a solution to his current firm\\xa0\\n 20:18 \\u2013 Types of high frequency traders that there are\\xa0\\n 24:33 \\u2013 The formation of IEX\\xa0\\n 27:56 \\u2013 Funding IEX\\n 30:48 \\u2013 What happens to the initial funding\\n 32:30 \\u2013 Describe what IEX is as it was sold to early buy side investors\\xa0\\n 34:31 \\u2013 Explaining the concept of a speedbump\\xa0\\n 38:18 \\u2013 Pitching companies so they will be listed on their index\\xa0\\n 40:37 \\u2013 Explains maker-taker fees\\xa0\\n 44:47 \\u2013 The sources of revenue for IEX vs traditional exchanges\\xa0\\n 46:53 \\u2013 Most memorable meeting Brad has had in establishing IEX\\xa0\\n 49:39 \\u2013 How did he do this with young kids?\\n 52:38 \\u2013 Has the pool of potential profits that high-frequency trading firms can earn gone down\\n 53:53 \\u2013 What has Brad most excited about the future in terms of helping the buyside\\n 55:17 \\u2013 What was it like to see Brad\\u2019s venture get turned into a best-selling book. (Flash Boys: A Wall Street Revolt)\\n 59:00 \\u2013 Biggest thing that Brad has learned\\n 1:00:56 \\u2013 What would Brad do if he couldn\\u2019t work in the investing world.\\n 1:02:25 - Kindest thing anyone has done for Brad\\xa0\\xa0\\xa0\\xa0\\xa0 \\xa0\\n \\xa0\\n Learn More\\n For more episodes go to InvestorFieldGuide.com/podcast.\\xa0\\n Sign up for the book club, where you\\u2019ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub\\n Follow Patrick on twitter at @patrick_oshag'